The Terra Luna Classic price has dropped by nearly 4% in the past 24 hours, with the altcoin reacting badly to the news that a New York jury has found FTX’s Sam Bankman-Fried guilty of fraud.
At $0.00006225, LUNC is now down by 1.5% in the past week, although it remains up by 10% in a fortnight and by 5% in a month.
However, LUNC’s longer term performance has been disappointing this year, with the token having decreased by 57% since the start of January.
And with Terraform Lab’s and its founder Do Kwon facing a similar trial in the US, LUNC may encounter similar bad news in the coming months.
Terra Luna Classic Price as Sam Bankman-Fried Guilty Verdict Shifts Attention to Terra Founder Do Kwon’s Case
Having rallied along with the market last week, LUNC has now pretty much lost its former momentum.
Its RSI (purple) has fallen from nearly 70 on October 25 to just above 50 today, and it looks as though it will keep falling.
Source: TradingView
It’s also disconcerting to note that its 30-day average (yellow) has flattened out following some modest gains last week, again signalling that buying pressure has already left LUNC.
Indeed, the coin’s 24-hour trading volume has dropped from nearly $70 million at the end of October to only $21 million.
And when major coins such as BTC and ETH boasting trading volumes of $18 billion and $13 billion, it becomes clear just how far LUNC has fallen.
Its low volume would indicate that few serious traders and investors are interested in it, something would go a long way to explaining why the Terra Luna Classic price has steadily declined across 2023.
Yet LUNC’s problems go much deeper than low volume, with the coin likely to suffer as a result of the recently commenced case between the SEC and Terraform Labs and its founder, Do Kwon.
The SEC recently filed for a summary judgment in its favor, something which would likely lead to onerous penalties for the defendants.
It would also impact the LUNC price, which has also fallen because of ongoing discord within the Terra Luna Classic community.
I have voted NOwithVETO on #LUNC proposal 11846
Please read in full WHY?
Due to significant concerns regarding the impact of the burn tax code on our blockchain’s ability to attract and accommodate decentralized applications (dApps). The complexity of the burn tax code,… pic.twitter.com/fAsG2ZvWoJ
— Lunanauts LUNC Validator (@Lunanauts_Lunc) October 25, 2023
Recent governance proposals – including proposals to increase LUNC burn rates – have failed to gain acceptance, leading to a sense of stagnation and futility on the part of investors and members alike.
And if this situation doesn’t change soon, LUNC is going to continue falling,
It could drop to $0.0000050 in the next couple of weeks, before sinking to $0.0000040 by the start of 2024.
New Altcoins Show More Potential
Traders frustrated with LUNC may be better off looking to newer tokens, with a number of presale coins currently showing promise of rallying big once they list.
One of these is Meme Kombat (MK), an ERC-20 cryptocurrency that has already raised in excess of $1.1 million in its sale.
MK just powering forward
$1.1 million raised so far!
Remember to take part in the 5000 USDT giveaway before it’s too late pic.twitter.com/JCmse8Z3gc
— Meme Kombat (@Meme_Kombat) November 2, 2023
Such a figure suggests that the market is quickly becoming more impressed with Meme Kombat, which when launched will enable users to bet on AI-generated meme battles.
These battles will randomized and also visualized in real-time for users to watch, with users able to bet against each other or against the game itself.
The platform pays out winnings in MK tokens, which users can also stake to earn a passive income, making the coin potentially very lucrative.
MK will have a hard cap of 120 million, and with 50% of this going to the presale and another 30% to staking and battle rewards.
It’s easy to join its presale: simply go to the Meme Kombat’s official website and connect your software wallet, such as MetaMask.
1 MK currently costs $0.1883, although this will rise again in under a week, giving investors a limited window of time in which to buy some at a discount.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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